How to come up with an idea for a business?

Hey all,

I know this really is the million dollar question, but how do you all think is the best way to come about an idea for a business? Myself (3rd year college student in Marketing), and my two friends (CSE Grad + MBA) are trying to figure out what we can do to begin a path towards entrepreneurship. I know it's vague, but I'm on google hangout with them right now and trying to get the juices flowing lol

Biggest thing you have to overcome is getting financial support. You either need very good assets and promising potential, or the easier route of becoming a branch off an already well established business that is expanding. The things you need is a product/service that has very promising potential in the area in which you plan setting up the business. This will involve lots of research in market value, demographics, and other various things. That's about all I know about starting up.

1> Find something profitable that nobody's ever done
1A> Make sure nobody else has done it before. If they were successful, it's an uphill battle. If they weren't, the idea is bad.
2> Get the investment funding to buy the equipment/rent the office space/hire the necessary staff to set it up, with the assumption that it'll be three years at least before you see a dime of actual profit
3> Eventually, profit.

If you're struggling with step 1, there's no magic bean. You need to be creative and smart. You're trying to come up with something that no other person has imagined.

Entrepeneurs don't sit down and go "okay, time to come up with an idea". They work at some shit job for 2-15 years, then one day go "holy shit, what if X", and then they either hit it big or lose everything.

If I was in your shoes I would sit down and watch episodes of Dragon's Den and Shark Tank. Ignore the investors part of the show but focus on the ideas the Entrepreneurs have come up with. See if you can get an idea.

I personally would like to see more "in home" services like hair cutting as there are a lot of old folks who are not very mobile.

The problem with the internet is parallel to its greatest achievement: it has given the little man an outlet where he can be heard. Most of the time however, the little man is a little man because he is not worth hearing.
Want to chat with people who aren't idiots? Join our IRC.

Bicycle GPS. - Small screen, arrows for direction, green for straight, yellow for turn coming up pointing in the correct direction on when to turn. = there you go, and thats for free! Unless you do it and make millions, I need money for food in that case, donations are appreciated.

Bicycle GPS. - Small screen, arrows for direction, green for straight, yellow for turn coming up pointing in the correct direction on when to turn. = there you go, and thats for free! Unless you do it and make millions, I need money for food in that case, donations are appreciated.

Edit: Red for Wrong way. Duh.

Most smartphones and dedicated GPS receivers have handlebar mounts you can buy. Some guys just throw them into rando bags and view the map through the clear plastic on the top of the bag.

This, pretty much. You might think that creative genius stemming from the depths of your soul is the only legit source, but this is very very rarely true. I will never be able to emphasize that enough. Most great ideas came from shit ideas with a different spin on it, or good ideas that were underdeveloped. Don't wait for moments of "true inspiration"; they might never come within your lifetime. Rather, look for a way to create an inspired product.